Brown Brothers Harriman & Co. Has $418,000 Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Brown Brothers Harriman & Co. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,428 shares of the software maker’s stock after purchasing an additional 612 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Fortinet were worth $418,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of FTNT. DnB Asset Management AS increased its holdings in Fortinet by 4.6% in the 4th quarter. DnB Asset Management AS now owns 118,029 shares of the software maker’s stock valued at $11,151,000 after buying an additional 5,157 shares during the period. denkapparat Operations GmbH bought a new position in Fortinet in the fourth quarter valued at approximately $324,000. Pictet Asset Management Holding SA increased its stake in Fortinet by 1.4% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,890,985 shares of the software maker’s stock valued at $273,140,000 after acquiring an additional 38,654 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Fortinet by 96.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 555,572 shares of the software maker’s stock valued at $52,490,000 after purchasing an additional 272,582 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in Fortinet during the fourth quarter worth $520,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.4 %

NASDAQ:FTNT opened at $96.26 on Tuesday. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. The stock has a market capitalization of $74.02 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 4.19 and a beta of 0.97. The firm has a fifty day simple moving average of $103.01 and a two-hundred day simple moving average of $93.53.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, February 6th. The software maker reported $0.67 EPS for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 326,784 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company’s stock, valued at approximately $1,079,876,675.56. The trade was a 2.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,044 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the completion of the transaction, the chief executive officer now owns 49,039,698 shares in the company, valued at $4,576,384,617.36. This represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,988 shares of company stock valued at $59,094,530 over the last ninety days. 18.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FTNT shares. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Friday, February 7th. Susquehanna increased their target price on shares of Fortinet from $90.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, February 10th. Guggenheim reaffirmed a “neutral” rating on shares of Fortinet in a report on Friday, February 7th. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $99.00 to $105.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Finally, The Goldman Sachs Group raised their target price on shares of Fortinet from $114.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, February 7th. One investment analyst has rated the stock with a sell rating, nineteen have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $105.69.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.